CFTC
Chair Resigns
As Crypto Regulation Takes Center
Stage In New TrumpAdministration
CFTC Chair Resigns As Crypto Regulation Takes Center Stage In New Trump
Administration
by Ronaldo Marquez
4 minutes ago
in Crypto News
0
In a potentially major turn for crypto regulation in the US, Rostin Behnam,
the Chairman of the US Commodity Futures Trading Commission (CFTC), has
revealed his resignation, effective January 20, with his exit from the
commission scheduled for February 7.
Behnam Resigns, Leaves Key Regulatory Challenges In Crypto
In a statement released Tuesday morning, Behnam reflected on his tenure at the
regulatory agency, stating:
Over the past several years, a multitude of domestic and global events tested
the resilience of all financial markets. I am proud that the commission
consistently made deliberate and intentional decisions to ensure continued
strength.
Throughout his time in office, Behnam emerged as a strong advocate for
expanding the CFTC s authority, particularly regarding cryptocurrency
regulation• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта. He pushed for legislation that would designate the CFTC as the
primary regulator of Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) and other digital currencies, aiming to
provide oversight of crypto exchanges.
Related Reading: Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin Whale Activity Explodes 400% In 24 Hours As Large
Players Buy DOGE At A ‘Discount’
Despite these efforts, significant legislative changes remained elusive during
his tenure. However, with Republicans poised to control both Congress and the
White House, there is renewed momentum to expand the CFTC s jurisdiction
over major crypto assets like Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Ethereum (ETH• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum).
“Folks recognize the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта is here. It’s not going to change or go
away,” Behnam stated in an interview with Bloomberg News. “And the CFTC is
going to be at the center of that new regulatory regime, whatever comes out.”
This sentiment underscores the growing acknowledgment of
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта s permanence in the financial landscape and the need for
a comprehensive regulatory framework.
Urgent Action From Congress Needed?
Behnam s leadership has coincided with rapid developments in the
financial sector, including the emergence of new asset classes and trading
platforms. Behnam remarked in an October interview that the CFTC has been
“stretched thin” as it adapts to these changes.
The next chair is expected to face significant challenges , particularly in
regulating digital assets and emerging financial products known as event
contracts. These contracts allow traders to wager on a variety of outcomes,
from political elections to entertainment awards.
Political prediction markets gained visibility during the recent electoral
cycle, but their regulatory future remains uncertain due to ongoing court
cases and the need for rule-making.
Behnam has expressed concerns about the CFTC taking on the role of an
“elections cop,” particularly in his legal battle against Kalshi Inc., an
exchange that enables US customers to bet on political outcomes.
Related Reading: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Joins Top 10 Global Assets, Claiming The 7th
Spot—Report
As litigation regarding these prediction markets continues, Behnam has
advocated for Congress to revisit the CFTC’s statutory framework to clarify
what types of event contracts are permissible.
He highlighted that the agency is grappling with a growing array of novel
prediction markets, which consume significant staff resources and time.
“You’re going to see that line being blurred between what is legal, what’s
illegal, what’s permitted, what’s impermissible,” Behnam cautioned,
emphasizing the urgency for regulatory clarity in an evolving market
landscape. The 1D chart shows the total crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта cap valuation drop
toward $3.2 trillion. Source: TOTAL on TradingView.com
Featured image from Forbes, chart from TradingView.com